Blackhammer sale unlikely following fall into administration
Wednesday, December 5, 2012
East London printer Blackhammer has ceased trading with all staff made redundant, following the appointment of administrators last month.
Joint administrators Freddy Khalastchi and Barry Lewis of insolvency practitioner Harris Lipman, who were appointed on the 19 November, said that they had hoped to sell the business, but that it now seemed unlikely that a buyer would be found.
They said in a statement: "As such, we will be looking to realise as much for the company’s assets as possible in the hope of generating money for the benefit of creditors."
In early 2011, the company dropped its B2 offering to concentrate on "higher margin B1 work". The strategy was supported with the arrival of a new KBA Rapida 105 in May this year, funded by finance "in excess of seven figures", Blackhammer managing director Mark Cain told PrintWeek at the time.
Cain added that the the six-colour press, running at full capacity, along with a 30% productivity boost increase brought by recent Perfecta 115TS installation, had helped bring the company out of "three years of doldrums".
Blackhammer ceased trading on the same day that the administrators were appointed, with all staff made redundant as a result. The reasons behind the firm's collapse are unclear and the administrators said that they are yet to receive Blackhammer’s 'state of affairs' and establish how much is owed to creditors.
According to Companies House, Cain and Ian Chance resigned as Blackhammer directors on 22 October.
Companies House records show that Cain, along with remaining Blackhammer directors Joseph Lipschitz and Eli Levin, set up Kahn Management, trading as O.Kahn Printers from Blackhammer’s neighbouring unit, on 23 April. However, Companies House staterecords show that Cain and Lipschitz resigned as directors of O.Kahn Printers on 5 November.Tweet